LONDON (dpa-AFX) - Electrocomponents plc (ECM.L) reported Tuesday that its first-quarter revenue declined 11 percent on a like-for-like basis, compared to 1 percent drop in the sequential fourth quarter. Like-for-like revenue decline was 7 percent in June.
In its trading update for the quarter ended June 30, the company said trading trends improved across the quarter as mobility restrictions eased in key markets.
Total EMEA LFL revenue was down 13 percent, and the decline was 9 percent in Americas and 4 percent in Asia Pacific.
Digital revenue for the quarter declined 12 percent on a like-for-like basis. Website revenue performed closely in line with the Group trend, however, e-procurement revenue underperformed due to temporary reduced demand from some key corporate customers.
Looking ahead, the company said it remains highly focused on protecting profit and conserving cash citing that the current operating environment remains uncertain.
'We are making good progress on our work to further simplify our operating model which we expect to drive significant savings in the medium term. We are also accelerating key strategic initiatives to drive scale and efficiency to ensure we continue to gain market share and come out of this crisis well positioned for long-term value creation,' the company said.
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